In 1929, a global economic crisis emerged that led to the bankruptcy of many economists to study the reasons that led to the sudden occurrence of this crisis, only to discover later Zen the main reason behind this crisis is the lack of an internal control system and the failure to activate internal audit tasks. 

Internal audit is also the tool used by the company's management to perform many functions, and the most important tasks of internal audit in companies in general:

  1. Apply full internal audit to all its accounts. 

  2. Helps them to discover, review and correct their arithmetic errors.

  3. Detect embezzlement and fraud faster.  

  4. Ensure the correct application of the rules set by the management in the company's regulations and the extent of their implementation.

  5. Evaluating and examining the Performance of the company's operational and production activities.  

Duties of the Internal Auditor and Financial Audit:
  1. Inspect and audit income and expense documents and ensure their correctness. 

  2. Review accounting entries and posting and ensure the correctness of recording amounts and entries.

  3. Examine warehouse documents and storage methods.  

  4. Reviewingnand examining all accounts and final statements and the validity of the results of financial reports.

The internal auditor's responsibilities in achieving compliance:
  1. Ensuring that all operations, accounts, department, sections, and personnel operate in conformity with internal policies and procedures established by the business as well as with international accounting standards.

  2. Examining and assessing all contracts and agreements the business entered into over the time period, and ensuring that the decisions made were put into practice.

  3. Examining any administrative or financial breaches reported in complaints to the administration.  

  4. Launching unannounced campaigns to check on all departments adherence to the legislation

Internal Performance evaluation:
  1. Expressing an assessment of the efficiency of the internal control system and the unified accounting system applied by the business and identifying any weaknesses and flaws.

  2. An evaluation of the organizational structure and the extent to which its application. 

  3. Track the departments progress toward their targets and determine any weaknesses and any areas of strength. 

  4. Find the best ways to use your resources, both material and human. 

Internal audit function in advisory roles:
  1. Offering technical advice while creating the general plan is one of the internal auditor's most crucial duties businesses. 

  2. Strengthening the departments and workers understanding of internal control. 

  3. Making Constructive suggestions to employees to improve productivity and task completion.

  4. In accordance with the firm's  capabilities, provide the studied technical opinion on the operations, contracts, and contracts that the company will hold in the upcoming time.

Internal audit's role in preventing and detecting fraud:
  1. Guarding firm resources against abuse or manipulation. 

  2. Keeping an eye on how assets are used in order to safeguard and preserve them.

  3. Verify the veracity and accuracy of every assertion made in the literature. 

  4. Determine duties and authorities. 

  5. Effective utilization resources of both human and material. 

  6. Enabling executive processes for more efficient and flexible work.

Internal auditing process planning:

Any corporation that has weak internal control and internal audit procedures will commit more crimes. Corruption and fraud are common in business, hence the following internal audit's primary goals are:

  1. The internal auditor creates a documented annual plan this is approved by the board of director of the company and outlines the goals, parameters, timeline, and resources of the plan. 

  2. The company's overall goals, the activity to be reviewed, and internal control methods are all taken into consideration. 

  3. It is important to consider any potential dangers associated with the activity, particularly for businesses engaged in the industrial and real estate sectors, like contracting firms.

  4. prior to beginning the audit process, the internal auditor's tasks and the files and papers on which his work be based are decided. 

  5. Determine who will carry out the internal audit procedure and how long it will take them to complete it. 

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